Economy
NBS Says Inflation in Nigeria Hit 20.77% in September 2022
By Aduragbemi Omiyale
In September 2022, inflation in Nigeria increased by 20.77 per cent from 20.52 per cent in August 2022 and 16.63 per cent in September 2021.
In a report released on Monday, the National Bureau of Statistics (NBS) said the jump in the consumer price index (CPI) was triggered by an increase in food inflation due to higher prices paid by Nigerians to purchase bread and cereals, potatoes, yam, oil, and fat.
It was stated that the food inflation rate in September 2022 was 23.34 per cent compared with the 19.57 per cent recorded in September 2021 and 23.12 per cent in August 2022.
It is believed that inflation will continue to remain high this year as a result of the flood in some states, which has destroyed crops and farmlands.
In the report released today, the NBS said the percentage change in the average CPI for the 12-month period ending September 2022 over the average of the CPI for the previous 12-month period was 17.43 per cent, showing a 0.60% increase compared with the 16.83 per cent recorded in September 2021.
It was observed that urban inflation, on a year-on-year basis, stood at 21.25 per cent last month compared with 17.19 per cent in the same period of last year.
On a month-on-month basis, the urban inflation rate was 1.46 per cent in September 2022, lower than the 1.76 per cent reported in August 2022. The corresponding 12-month average for the urban inflation rate was 17.94 per cent, higher than the 17.41 per cent in September 2021.
As for the rural inflation rate, it was 20.32 per cent in September 2022 compared with 16.08 per cent in September 2021. On a month-on-month basis, it stood at 1.27 per cent, lower than 1.75 per cent a month earlier and for the 12-month average, the rate was 16.94 per cent in contrast to 16.26 per cent a year earlier.
The stats office said all items inflation rate on a year-on-year basis was highest in Kogi State at 23.82 per cent, Rivers State at 23.49 per cent, Benue State at 22.78 per cent, while Abuja at 17.87 per cent, Borno at 18.12 per cent, and Adamawa at 18.42 per cent recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa at 2.58 per cent, Yobe at 2.22 per cent, Benue at 2.05 per cent, while Abuja at -0.72 per cent, Sokoto at -0.19 per cent and Adamawa at 0.25 per cent recorded the slowest rise on month-on-month inflation.
In September 2022, food inflation on a year-on-year basis was highest in Kwara at 33.09 per cent, Kogi at 28.46 per cent, and Ebonyi at 27.41 per cent, while Kaduna at 18.84 per cent, Jigawa at 19.20 per cent and Sokoto at 19.44 per cent recorded the slowest rise on year-on-year food inflation.
On a month-on-month basis, however, September 2022 food inflation was highest in Enugu at 2.61 per cent, Ogun at 2.50 per cent, and Oyo at 2.43 per cent, while Sokoto at -0.88 per cent, Ondo at 0.38 per cent and Niger at 0.62 per cent recorded the slowest rise on month-on-month inflation.
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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